Launch of Physically Settled Futures Influence Bitcoin Price

The Bakkt news has led to an
increase in the price of Bitcoin by $1,000.
This price hike, in turn, neutralized the bearish set up on the intraday
charts. A weekly close of more than
$12,000 is required for a complete bullish reversal.

Bakkt Exchange stated that they
would be launching physically-settled Bitcoin futures on September 23, 2019.

Erik Finman, the teen Bitcoin “millionaire” recently predicted that the price of Bitcoin might climb back to its all-time highs at $20,000 before the end of this year. This growth will be, in part, triggered by the venturing of Facebook into the cryptocurrency industry. The US president talking about Bitcoin is yet another catalyst.

Finman in the past pronounced
Bitcoin as “Dead” particularly during the bitter market trends of Bitcoin and
cryptocurrency when the majority of the cryptocurrency was down by 90% from
their value. This was at a point in time where it was widely believed that the
crypto experiment might come to an end.
Finman has been further encouraging passive investment in Bitcoin
through his CoinBits project.

The way countries structure their
virtual currency is becoming a matter of wide debate, as none of them do want
to be linked to similar portfolios like the failed state of Venezuela and its
Petro. However, several countries like China have realized that
cryptocurrencies are going to be a part of future economics, and they are
beginning to become a part of it in a big way.

Binance will be launching “Venus”
a lot similar to the upcoming cryptocurrency Libra.

Yi He, Co-founder of Binance,
stated: “We believe that in the near and long term, stable coins will
progressively replace traditional fiat currencies in countries around the world,
and bring a new and balanced standard of the digital economy.”

Binance has further welcomed more
governments, companies, and organizations who have a “strong influence” on a
global scale to collaborate with it concerning the Venus initiative.

Serving the unbanked and
facilitating money transfers for a low fee are all structural resemblances of
Venus to Libra.

CZ, Binance Tweeted thus: “Always happy to co-exist. This should
help Libra if you think about it. Will leave it at that.” This is quite a
hint that Venus might focus on countries where Libra might not be
permitted. This is mainly in India and
China.

Several giant corporations and
individual nations are trying to build upon their value by issuing their
cryptocurrencies. So, will this trend
work in the long run or create a wholesome mess is for time to tell.